Government to recruit 20, 000 unemployed graduates

The government yesterday said it would recruit 20, 000 unemployed graduates in two phases this year.

Sri Lanka-China free trade talks hit major hurdles

Talks between China and Sri Lanka for a free trade agreement have hit major hurdles, mainly because Beijing doesn’t agree to Colombo’s demand for a review of the deal after 10 years, Sri Lanka’s top negotiator said.

UberINTERCITY goes live in Sri Lanka today

UberINTERCITY goes live today for multiple outstation routes following a successful six-month pilot project from Colombo to Galle launched in December 2017.

US pullout from Iran nuclear deal likely to impact Lankan tea exports

The US’ decision to unilaterally abandon the nuclear deal with Iran is likely to put a damper on Sri Lankan tea exports, a leading tea broking house in the country said.

SL contracts world’s largest oilfield services firm to look for hydrocarbon potential

Petroleum Resources Development Minister Arjuna Ranatunga yesterday signed an agreement on behalf of the Government of Sri Lanka (GOSL) with Eastern Echo Holdings PLC, a subsidiary of US-based major oilfield services company Schulmberger, giving a new boost for offshore exploration of Sri Lanka’s hydrocarbon potential. 

S. Africa’s SPAR Group eyes Lankan expansion amid challenges at home

(Johannesburg) REUTERS: South African retailer and wholesaler SPAR Group Ltd plans to open two more stores in Sri Lanka, it said yesterday, after warning that fuel price hikes and currency weakness could affect its home market.  

Rupee falls on importer dollar demand after holidays

(Colombo) REUTERS: The Sri Lankan rupee fell yesterday due to importer dollar demand following a holiday in the United States on Monday, while markets in the island nation were closed on Tuesday for a local holiday.

Shares fall to 4-month closing low on foreign selling

(Colombo) REUTERS: Sri Lankan shares fell for a third straight session yesterday and posted their lowest close in more than four months, as foreign investors sold diversified stocks such as conglomerate John Keells Holdings PLC and Aitken Spence PLC.

Lankan banks sit on Rs.19bn capital hole as sector braces for BASEL III

The Sri Lankan banks satisfy many of the key matrices such as growth, profits, efficiency and asset quality against most regional peers but the sector is in deep thirst for fresh capital as the banks brace for full implementation of BASEL III as early as in few months. 

Tobacco policy: Mitigating influence of vested interests

Sri Lanka ratified the World Health Organisation’s (WHO) Framework Convention on Tobacco Control (FCTC) in November 2003. The FCTC is a global treaty developed in response to the health consequences of tobacco consumption and the formidable power exerted by the vested interests of the tobacco industry.

A.S. Jayawardena: Governor who turned adversity to prosperity

It was August 26, 2000. The Central Bank’s new state-of-the-art building was to be declared open by Finance Deputy Minister Prof. G.L. Pieris. Governor A.S. Jayawardena, Deputy Governor Manik Nagahawatte and I were standing under the foyer of the building to receive the chief guest. 

Climate change readiness: Is Sri Lanka doing enough?

Sri Lanka is being slapped with a number of significant challenges in its growth agenda and in that list, what it didn’t expect is to receive a blow from the impacts from climate change.

Far from plain sailing on Maritime Silk Road

China’s South Asian ambitions for its Maritime Silk Road (MSR) have hit foul waters. On the one hand, the MSR must navigate the strategic competition between India and China and on the other, it needs to satisfy the divergent interests of Bangladesh, India, the Maldives, Pakistan and Sri Lanka (the South Asian countries on the MSR). Its growth in the region is not likely to be smooth. 

the making of a modern chief executive officer

Industries worldwide unlike ever before are experiencing systemic failure as a result of the digital disruption, coupled with an economy stuck in reverse. Therefore, when we look at successful CEOs and what distinguishes them from the rest, it is good to look beyond the skills that they supposedly have in common. This is where we really start to see the in born talent of outstanding CEOs. 

Cinnamon Grand, Lakeside feel the heat from new entrants as competition heightens

Asian Hotels & Properties PLC (AHPL), the owners and operators of the two city hotels under the Cinnamon brand, appears to have started to feel the intensity of the competition in the city hotel sector in Colombo, as the g

South Korea’s largest cryptocurrency exchange bans Sri Lankans

Bithumb, the largest crypto exchange in South Korea and the fifth largest in the world, has announced a ban on virtual asset trading transactions of Sri Lankan residents along with 10 other countries, which were identified as having lenient policies in combatting money laundering and terrorist financing by the Financial Action Task Force (FATF).

India’s Hero Cycles plans to hike stake in Lankan bicycle plant

Indian Express: With zero customs duty on exports to India and Europe from Sri Lanka, Hero Cycles is planning to increase its stake in its Colombo-based bicycle unit this quarter.

Key business segments lift Sunshine Holdings performance

Healthcare, agri, consumer and renewable energy businesses performed well over the previo

Panasian Power seeks aggressive growth; looks for foreign opportunities

Panasian Power PLC (PAP) said it intends to further increase its installed capacity through solar and mini-hydro projects in FY19 while looking for opportunities in Africa and South East Asia, as the firm aspires to become the largest listed renewable energy solutions provider in the country within the next three years.   The company’s top and bottom lines saw a significant growth during

Nordic interest on Lankan stocks growing, says CSE

The Colombo Stock Exchange (CSE) yesterday said investment flows from the Scandinavian region to Sri L

Sri Lanka with China and Kenya to lead world’s black tea production

The world’s black tea production is projected to increase by an annual growth rate of 2.2 percent, to reach 4.42 million tonnes, as a result of major production increases in Sri Lanka, China and Kenya.

Rupee ends firmer on inward remittances

REUTERS: The Sri Lankan rupee ended slightly firmer in light trade yesterday, helped by inward remittances and a lack of demand for dollars from importers due to a holiday in New York.

Browns to raise Rs.7.1bn via rights to settle debt

The Brown & Company PLC director board has resolved to raise Rs.7.08 billion through a rights issue, subject to the approval of its shareholders and the Colombo Stock Exchange, with regards to the listing of the rights shares. 

Cheers! Coca-Cola launches first boozy drink in Japan

AFP: Coca-Cola launched its first-ever alcoholic drink yesterday in Japan— a fizzy, lemon-flavoured concoction laced with spirits that seeks to capitalise on the growing popularity of “chuhai” alcopops enjoyed especially by young women.

BRICS development bank to issue US $ 780mn in yuan-denominated bonds

REUTERS: The New Development Bank (NDB), set up by the BRICS group of major emerging economies, said yesterday it plans to raise 5 billion yuan (US $ 782 million) through a yuan-denominated bond issue 

Shares mark 2-wk closing low; trade dull

REUTERS: Sri Lankan shares marked their lowest close in two weeks yesterday with investors mostly keeping to the sidelines awaiting cues about the real impact of the floods that hit the island-nation over the past week.

Sri Lanka sells Rs.90bn in 5-year and 10-year bonds

The Public Debt Department (PDB) of the Central Bank yesterday sold Rs.90 billion worth of five-year and 10-year bonds, the press notice issued by the Central Bank indicated.

Sri Lanka to amend archaic customs law to enable paperless trade

Sri Lanka is to amend the archaic customs law shortly to facilitate paperless trade and pre-arrival clearances at the Customs, Sri Lanka Customs Director General and National Trade Facilitation Committee Chairman P.S.M. Charles said.

One-off gains boost JKH 4Q; but tough operating conditions weigh on performance

Despite significantly higher profits recorded by the Sri Lanka’s premier blue chip John Keells Holdings PLC (JKH) due to one-off gains stemming from the group’s financial services sector, the interim financial accounts released to the Colombo bourse indicated tough times faced by the group’s key business segments.

Hemas core business feels pressure from lower disposable incomes

Higher inflation and lower disposable incomes have hit the core consumer business of Hemas Holdings PLC while the recent investment in Atlas Axillia and other business expansions in both home and abroad are weighing on the group’s overall business performance.